FX Daily Update
The National Bank of Canada | Jun 23, 2016 08:53AM ET
Referendum voting begins in the United Kingdom
The big day is finally here in the United Kingdom with more than 46 million registered voters eligible to cast their ballots. The most recent polling shows a 10-point lead for the Remain side, a reading that has been well received by investors, as European stock markets, commodities and the Canadian dollar have all seen substantial gains. Results will be known this evening.
The issue is important as the United Kingdom leaving the European Union could open the door to a potential disintegration of the EU. Apart from the economic impacts, the political consequences of Brexit would be significant. In addition to pushing Prime Minister David Cameron out the door, Brexit could trigger a new independence referendum in Scotland.
In terms of economic indicators, we’ll be keeping an eye on Initial Jobless Claims, New Home Sales and Leading Indicators south of the border. A great deal of volatility is to be expected on currency markets today. A call to your trader may prove a very wise decision.
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